The managers of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) have both issued seperate responses to an activist investor’s open letter.

The letter, which was issued by Quarz Capital on 11 February, described the terms of the merger that have been proposed for MCT and MNACT as ones that are lowballing unitholders of the latter.

The managers of MCT and MNACT first announced their intention to merge in December 2021.

The merger would create the Mapletree Pan Asia Commercial Trust (MPACT) and it is expected to become Asia’s top ten largest REIT with a SGD17 billion portfolio of 18 commercial assets across Singapore, China, Hong Kong, Japan and South Korea.

Related: MNACT unitholders being lowballed in merger offer says activist investor